Will it apply to me?

Q.

I bought beachfront land cheaply in 1985, intending to build a house for my retirement after 2003 with expensive architects plans finalised recently. My retirement plans have been shattered because of a subsequent(high rise)re-zoning that has pushed the land value through the roof. How will the ATO view capital gains on relinquishing land?

Talk to your accountant as there may be a large sum of money involved and you don't want to get it wrong. If the property was bought before September 1985 it is almost certainly a pre-CGT asset and Capital Gains Tax may not apply unless you spent a very large sum on development costs. Just make sure you take expert advice before you sign any documents.